XM Loans - The Mortgage Optimizer

In this month's issues, we are beginning our quarterly review of mortgage interest rates at the local banks.This information is designed to give you the ammunition which can help you decide who gets your business, however please keep in mind that lenders are inclined to change their rates as they see fit, so the information we provide may not necessarily reflect the true interest rate at a given lender months after this newsletter is released! According to our research, the rates being offered by the various lenders are as follows;

BANK..................................................PRODUCT...........................................INTEREST RATES

BANK OF THE BAHAMAS ..............Home Purchase Mortgage.......................8.5% - 10%

COMMONWEALTH BANK ........... Home Purhcase Mortgage........................Email us for these rates

FCIB....................................................Lot & Construction Mortgage................. Email us for these rates

FIDELITY BANK...............................Lot Loans................................................100% financing *

FINCO...............................................Home Purchase Mortgage.........................8.75%

SCOTIABANK.................................Home Purchase Mortgage..........................Email us for these rates

From the President’s desk….

ARE THEY SERIOUS ?

Could the local bank be completely serious announcing that customers cashing a cheque at their bank must go to the branch at which the cheque is drawn?

Imagine having to travel from one end of the island to the next just because they don't want to do the extra work to make banking convenient for you. I was taught to believe that the customer is King, but I guess that times have changed and that customers must now consider themselves fortunate that business will take their money.

Unless we demand better, the level of service which we will receive will always be found wanting. We can do better Bahamas, speak up and have your displeasure heard!

Your monthly mortgage tip:

Secrets Lenders don't want YOU to know!

loanSecrets

A disciplined savings plan must be a part of your preparation for home ownership. Generally, your upfront cost will be five (5%) percent of the price of the property under consideration. After your mortgage has been approved, there is more money to pay in the form of “Closing Costs”. The closing cost can amount to an additional five and a half percent (5.5%) of the mortgage. In any event, you can see that getting a mortgage is a cash intensive proposition, so having a adequate savings is very important.

No seller or realtor will take your request to purchase property seriously unless you can commit a down payment.

To find out how much can afford and how much money you will require. Click here to submit your information and we will email you your down payment and closing cost estimates.

KNOW THE FACTS – ADEQUATE SAVINGS IS CRITICAL TO HOME OWNERSHIP, HAVE A SAVINGS PLAN!

The material contained in this newsletter has been prepared by XM Loans Ltd. 404 Bay Street, PO Box N-4443, Nassau, Bahamas and independent feature contributors. The material provided is for informational and educational purposes only and should not be construed as investment, financial, real estate and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is not without errors.

As your Trusted Advisor, we always want to make sure you are clear on all details of the home financing process. If you or someone you know are interested in purchasing or refinancing a home, give us a call today! XM Loans Ltd. is the copyright owner or licensee of the content and/or information in this email, unless otherwise indicated. The Mortgage Optimizer does not grant to the recipient or distributor a license to any content, features or materials in this email. You may not download, or save a copy of any of the content except as otherwise provided in our Terms and Conditions.

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If you prefer to send your removal request by mail the address is Admin, XM Loans Ltd. P.O. Box N-4443, Nassau, Bahamas

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